The benefits of a micro estate plan

On behalf of Cassady Law Offices, P.C. posted in Wills on Thursday, August 9, 2018.

Nevada residents are likely familiar with the basic benefits of an estate plan. Generally speaking, estate plans can help keep estate taxes to a minimum or transfer assets without the need to go through probate. It may also be possible to designate a guardian for a minor child. However, there may be a process needed to establish guardianship even if instructions are left in a will.

This may not account for what happens in the immediate aftermath of an event that leaves a parent either deceased or incapacitated. To account for a sudden passing or diminished mental capacity, a micro estate plan can be created. This will determine who a babysitter or other temporary guardian should get in touch with in an emergency. It can also determine who has a minor son or daughter until guardianship can be officially transferred in an official court proceeding.

For example, a micro plan document could stipulate that a child is to be cared for by a neighbor until a family member can arrive. This could be ideal if the nearest family member is hours or days away. Without proper documentation, a police officer may place the child in the custody of the state, which may not be in the child's best interest after a traumatic event.

Proper will planning may make it possible to account for a variety of situations over both the short and long term. These plans should meet the best interests of a child or other family members after an individual passes. An attorney may help craft micro and macro plan documents in a manner that adheres to state law. Doing so may increase the odds that a will's instructions are followed and executed in a timely manner.

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